Dramatically Split Tape

This goddamned market features more money just pouring into the Dow 30. It felt like a whole bunch of program trades just went off at the same time.

I just took profits in GLP...a magnificent company and a beautiful trade, but I think it was time to move on ("It's not you...it's me").

However...at the time of this writing the Nasdaq is under water...the Russell 2000 is up, but not by much...I am MAKING MONEY in my SRS (short REITS) trade.

I'm starting to think that the mega-caps are the new momentum plays in this market. They are becoming in their own way unhinged from fundamental considerations; it's just hot money chasing hot stocks, albeit creeky Dow 30 ones.

Still I see possible buy setups in INTC, BNI, really all over the place, so I can't just decide the market is done, because frankly it ain't done in a lot of stocks.

But- I am starting to ALSO SEE SHORT SETUPS in other sectors: I see a pivot forming in the IYF (financials), so that could be a short sector next week. Probably more in other sectors, but I haven't looked too hard.

HD is really getting ugly; AMGN cratering; DNA cratering...really all those stocks that I talked about last week are starting to show some ugly distribution.

Also another prediction: Boeing (BA) which is having a HUGE DAY is looking pretty toppy here according to my secret batch of indicators. GM is having a huge day too....If I could, I'd short that sucka right now.

In short, even the teflon DOW is having what I think is a blowoff run here... and accordingly could very soon hit a wave of selling.

That's what's known as a PREDICTION...I could be wrong but that's the way it looks at the moment.